Network International revises terms of DPO acquisition
Network International Holdings
393.20p
16:40 28/03/24
Digital commerce enabler Network International said on Thursday that it had revised the terms of its proposed acquisition of DPO Group.
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Network said that the co-founders of DPO will now receive approximately 50% of their consideration in Network shares, with a 12-18 month lockup period, but noted that the total transaction consideration and overall mix of cash and shares remained unchanged.
The FTSE 250-listed firm stated it will make a total consideration of approximately $288.0m, with $63.0m being satisfied via the issuance of new shares at 410.0p each.
Network reiterated that DPO was "a highly attractive e-commerce payments business" and added that it had traded "strongly" through 2020, with over 30% year-on-year growth in total processed volume.
As of 0855 BST, Network shares were down 1.42% at 439.20p.